N80bn discovered in sacked MD’s bank accounts

The Economic and Financial Crimes Commission (EFCC) has arrested managing directors and top officials from Port Harcourt, Warri, and Kaduna Refining Companies over alleged mismanagement of nearly $3 billion meant for the rehabilitation of these facilities.
The funds under investigation include $1.56 billion for Port Harcourt, $740 million for Kaduna, and $657 million for Warri refineries.
It was revealed that a sacked managing director was found with N80 billion in their bank account, raising concerns about financial misconduct.
Experts and industry operators criticized the Nigerian National Petroleum Company Limited for misleading the public about the refinery operations, especially given the poor output since resumption in late 2024.